Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

European Stocks Edge Higher; Corporate Earnings in Focus

Stock MarketsFeb 11, 2021 02:02AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse - European stock markets are seen opening marginally higher Thursday, with investors looking to take their cues from the corporate sector on another busy earnings day.

At 2:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France climbed 0.1%, and the FTSE 100 futures contract in the U.K. rose 0.1%.

Stock markets have posted strong gains over the last few months on expectations that additional U.S. fiscal stimulus coupled with global vaccination programs would usher in a period of economic growth as the influence of the coronavirus pandemic waned.

However, the European markets have woken up Thursday to more muted trading elsewhere, with Wall Street closing marginally lower overnight and many countries in Asia-Pacific, including China, Japan and South Korea, shut for holidays.

With this in mind, the ongoing earnings season is likely to be the dominant driving force Thursday, with the banking sector in particular focus.

Credit Agricole (OTC:CRARY) reported net income of 124 million euros ($150 million) in the fourth quarter, despite a goodwill charge at its Italian unit. The Paris-based bank indicated that the worst of the Covid-19 pandemic may have passed, reporting lower provisions and a larger-than-expected return to dividends.

German lender Commerzbank (DE:CBKG) was less optimistic, saying that its revenue will probably shrink “slightly” this year after the bank reported a quarterly loss of 2.7 billion euros ($3.3 billion) after writing down asset values and booking costs for future job cuts.

On a busy day, investors will also be keeping an eye on reports from the likes of drugmaker AstraZeneca (NASDAQ:AZN), cosmetics company L’Oreal (PA:OREP), steel producer Arcelormittal (AS:MT), insurers Aegon (NYSE:AEG) and Zurich Insurance (SIX:ZURN) as well as drinks company Pernod Ricard (PA:PERP).

Oil prices weakened Thursday, as traders banked profits after a strong rally, despite a larger than expected drop in U.S. crude supplies raising hopes of a recovery in demand in the world’s largest consumer.

The U.S. Energy Information Administration recorded late Wednesday a draw of 6.64 million barrels for the week to Feb. 5, with crude stocks falling for a third straight week to their lowest level since March. A small addition had been expected.

The international benchmark Brent contract fell 0.5% to $61.19, after having risen for the previous nine sessions, its longest sustained period of gains since January 2019. U.S. crude futures traded 0.6% lower at $58.36 a barrel, with Wednesday having seen its eighth daily rise.

Elsewhere, gold futures rose 0.1% to $1,843.60/oz, while EUR/USD traded 0.1% higher at 1.2131.


European Stocks Edge Higher; Corporate Earnings in Focus

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Chris Sundo
Chris Sundo Feb 11, 2021 3:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Its gonna be a 'soft Q1'. Nothing to celebrate or raise the market over. We need a retracement until end of q2
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email